Mark Kantrowitz, private student’s loans Guru has revealed statistics of Americans who are burdened by student loan dept. The numbers are shocking. In In 2017, average student loan debt for graduates was around $39,400*, up six percent from the previous year. It’s 2018 and number has been increased significantly than ever. According to statistics, Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt.
But the question is, why students have to take so much loan to pay fee? Who is responsible for higher fees? Are students taking loan to attend public or private universities? Is it for four-year program or graduate degrees? What is percentage of graduate students who carry student loan debt?
Let’s take a look at some real number.
General student loan debt facts
Most recent reports suggest some horrific figures about number of students carrying student loan dept. For example,
- Students have to pay $1.48 trillion in total U.S student loan debt
- 2 million students carry student loan dept
- Students face problems to pay their debts, making student loan debt overdue rate of 11.2% (90+ days overdue payment)
- Average monthly student loan due amount is around $351
- Median monthly student loan due amount is $203. Most of these belong to 20 to 30 age group.
Public Service Loan Forgiveness statistics
As of Q3, 2017 data, PSLF Borrowers are around 739,719. These are total number of borrowers who have one or more approved PSLF Employment Certification Forms (ECF).
A glimpse federal student loan portfolio
Let’s have a look at student loan debt statistics:
Student loan debt statistics by loan program
Student loan debt statistics by loan type
Student loan debt statistics by loan status (Direct loan program)
Student loan debt statistics by repayment plan (Direct loan program)
Student loan debt statistics by service provider (Updated for June 30, 2016)
Graduate student loan debt
About 40 percent of the $1 trillion student loan debt was used to finance professional and graduate degrees. Following chart describe the combine undergraduate and graduate debt by degree
- 71 percent of students carry student loan debt
- 3 million students were in debt compare to 1.1 million students in 2008
- 66 percent of public college graduates had loans – an average debt of $25,550
- 75 percent of private non-profit college graduates had loans – an average debt of $32,300
- 88 percent of private for-profit college graduates had loans – an average debt of $39,950
- 88 percent of graduates who received Pell Grants had student –an average debt of $31,200
- 53 percent of graduates who did not received Pell Grants had student –an average debt of $26,450
- Private student loan debt volume hit $7.8 billion in 2014-15, $5.2 billion in 2010-11
- From 2011-2012, borrowers didn’t take advantage of federal student loans as much as they could have:
- 19 percent didn’t take out Stafford loans
- 8 percent didn’t apply for federal financial aid
- 11 percent applied for federal aid but didn’t take out a Stafford loan
- 8 percent had Stafford loans but borrowed less than they were eligible for
- In 2011-2012, 48 percent of private loan borrowers attended schools that had tuition costs of $10,000 or less
It’s clear, the increasing cost of attending college is becoming challenge for a huge percentage of Americans.